Social Security is a federal program in the United States that provides income to people and families when their income is disrupted or terminated. It offers benefits such as:
RETIREMENT: Qualified workers who are at least 62 years old and have paid into the system for at lease 10 years can received retirement benefits.
DISABILITY: Social Security provides disability income to qualified individuals and their families.
SURVIVORS: Dependents of someone who has paid into Social Security and passed away may be eligible for survivors’ benefits. This includes minor children, adult children who became disabled before age 22, and surviving spouses with children under 16.
SUPPLEMENTAL SECURITY INCOME (SSI): This program provides monthly benefits to people with limited income and resources who are blind, age 65 or older, or have a qualifying disability. Children with disabilities or who are blind may also receive SSI. SSI is funded by general tax revenue, not workers’ Social Security taxes.
Social Security can also provide other benefits, such as cash benefits for sickness, rehabilitation, domestic help during illness, legal aid, and funeral expenses.
Key Points on Social Security:
- 182 million covered workers (and their employers) pay into the system.
- 67.5 million beneficiaries receive monthly cash benefits as of March 2024. The largest group is retired workers (75.1%), followed by disabled workers (10.8%), family members of deceased workers (8.6%), and family members of retired or disabled workers (5.5%).
- It is a self-financing program, with about 95.1% of its total income from dedicated tax revenues.
- Over its 89-year history, the program has collected $27.75 trillion and paid out $24.96 trillion, leaving trust fund asset reserves of about $2.79 trillion.
- On a combined basis, the Social Security trust funds are projected to be unable to pay full benefits starting in 2035, largely due to demographic factors.
Social Security Publications:
A tremendous amount information on Social Security, Medicare and other related topics can be found at the Social Security website. Please contact the experts at Benefit Marketplace if you have any questions or need additional information. In the meantime, for your convenience, we have provided links below to the most pertinent topics:
Understanding the benefits of Social Security and Medicare
Who do I contact – Social Security or Medicare?
2024 Update – taxes, benefits, and costs of SS, SSI and Medicare
When to start receiving retirement benefits
Retirement benefit – How much will you get from Social Security
2025 Schedule of Social Security benefit payments
What you can do online at www.ssa.gov
How to apply online for Retirement, Spouses, or Medicare Benefits
How to apply online for Medicare only
How to apply for Medicare Part-B only during your Special Enrollment Period
Medicare – Everything you need to know including benefits, and enrolling
Medicare Part-D Prescription Drug Plans – Understanding “Extra Help”
Social Security Disability Insurance (SSDI) – Fact Sheet
Supplement Security Income (SSI)
Supplement Security Income (SSI) – Fact Sheet
Social Security – Survivor Benefits